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Help Area: General Enquiries

Below are some common FAQs. Please take a look.

Loan Details

How does a PiggyBank loan work?

A PiggyBank loan is a short term cash loan that is intended to be used to pay for an unforeseen expense. e.g. a broken washing machine, car repairs, a new computer for work etc.

You can borrow from £100-£400 and pay us back on your next payday or a payment date of your choice up to 35 days later. If you’re accepted for a PiggyBank loan, we’ll aim to have the money in your account within an hour and you can apply 100% online here.

How does a PiggyBank Instalment loan work?

A PiggyBank loan is a short term cash loan that is intended to be used to pay for an unforeseen expense. e.g. a broken washing machine, car repairs, a new computer for work etc.

You can borrow £150-£500 for two months, £200-£600 for three months, £250-£800 for four months, and £300-£1000 for five months, and pay us back in monthly, fortnightly or weekly instalments. If you’re accepted for a PiggyBank loan, we’ll aim to have the money in your account within an hour and you can apply 100% online here.

What are the interest rates and fees on a PiggyBank loan?

The interest of your loan is based on the amount you borrow and we always give a clear breakdown when you’ve told us how much you want to borrow. A lot of people get confused or worried when they see our Representative APR is 1270% but we don’t actually charge our customer 1270% interest! We’re human at PiggyBank and we know that’s a lot of interest by any standards! APR was created for long term loans and credit cards, not short term loans like we offer at PiggyBank. So the APR figure gives you a confusing representation of the interest you’ll pay! We don’t like confusing, so we’ll try to give you the facts:

PiggyBank does NOT charge 1000’s of percent in interest. Our interest is actually 0.80% per day (fixed). We’re proud to say this makes us one of the most cost effective short term lenders in the market.

Hopefully that helps clear it up, but just in case, here’s an example loan for you:

Borrowing £265 over 11 days + interest £23.32 = total to repay £288.32

See, when we put it like that, it seems fair doesn’t it! Just always remember, that even though we know our interest is competitive and reasonable, we wouldn’t be being responsible if we didn’t remind you that a PiggyBank loan is meant to be a short term solution to cover an unexpected expense. We wouldn’t want you to ever get yourself in financial difficulty by thinking you can use PiggyBank loans (or any other short term loan) as a long term financial solution. :)

How much can I borrow from PiggyBank?

Here at PiggyBank, we want to build relationships with the people we lend to. That way, you know you can come straight to us if you ever have an unexpected expense and we know you’ll pay us back if we lend you money.

So the first time you borrow from PiggyBank you can apply for £100 to £1000. Then, once you’ve had a loan and paid it back to us, you may be able to borrow up to £1500 on your next visit. We call this your “level of trust” and it’s something we consider along with all the standard loan checks like your credit check, affordability check and the period of the loan.

Can I borrow from PiggyBank more than once?

Yes you can! As soon as you’ve paid back your existing loan, you would then be allowed to apply for another loan with PiggyBank.

We want to build relationships with the people we lend to. That way, you know you can come straight to us if you ever have an unexpected expense and we know you’ll pay us back if we lend you money. That being said, please be aware this would be subject to all of our usual checks and pay out procedures and this is because, as a responsible lender, we want to ensure that we are doing what is best for our customers.

That said, just always remember that a PiggyBank loan is meant to be a short term solution to cover an unexpected expense. We wouldn’t want you to ever get yourself in financial difficulty by thinking you can use PiggyBank loans (or any other short term loan) as a long term financial solution.

APR

What is APR?

APR and representative APR can be confusing. APR stands for annual percentage rate and gives the interest for a year on any credit you may be taking out e.g. a credit card, loan, mortgage etc. APR was created for long term loans and credit cards, not short term loans like we offer at PiggyBank. So the APR figure gives you a confusing representation of the interest you’ll pay!

The representative APR of 1270% that we have to display on our homepage is a legal requirement. A lot of people get worried when they see it, but we don’t actually charge our customer 1270% interest! We don’t like confusing, so we’ll try to give you the facts:

PiggyBank does NOT charge 1000’s of percent in interest. Our interest is actually 0.80% per day (fixed). We’re proud to say this makes us one of the most cost effective short term lenders in the market.

APR can be very confusing, find out more about APR here.

How do I work out my PiggyBank APR?

You don’t have to! We will do that for you as soon as you tell us how much you want to borrow and for how long. We always give a clear breakdown right at the beginning of your PiggyBank application, because we want to be open and honest with our customers about what they pay.

To give you a rough idea, here’s an example of an average loan:

Borrowing £265 over 11 days + interest £23.32 = total to repay £288.32

A lot of people get confused or worried when they see our Representative APR is 1270% but we don’t actually charge our customer 1270% interest! We’re human at PiggyBank and we know that’s a lot of interest by any standards! APR was created for long term loans and credit cards, not short term loans like we offer at PiggyBank. So the APR figure gives you a confusing representation of the interest you’ll pay! We don’t like confusing, so we’ll try to give you the facts:

PiggyBank does NOT charge 1000’s of percent in interest. Our interest is actually 0.80% per day (fixed). We’re proud to say this makes us one of the most cost effective short term lenders in the market.

Just always remember, that even though we know our interest is competitive and reasonable, we wouldn’t be being responsible if we didn’t remind you that a PiggyBank loan is meant to be a short term solution to cover an unexpected expense. We wouldn’t want you to ever get yourself in financial difficulty by thinking you can use PiggyBank loans (or any other short term loan) as a long term financial solution.

Credit Score

What type of credit checks do you do for my PiggyBank loan?

We do the usual identity and credit checks to make sure you are who you say you are and you can afford one of our loans. Plus we do a couple of our own checks. In a nutshell, we just want to make sure we’re being responsible and doing the best checks we can to ensure we’re lending to people who can afford to pay us back.

What is my credit score

Your credit score is made up from information gathered about your credit and financial history. It’s like a snapshot of your past and current finances. This will normally be based around things like: how many bank accounts you have, the number of accounts in use and not in use, your history of making short term loan or bill repayments, contractual obligations such as for credit cards or mobile phone contracts; and details of payment defaults or missed payments.

Lenders like us at PiggyBank, look at your credit score, which we get from credit referencing agencies, when reaching a decision on whether or not to let you borrow money from us.

I have a bad credit history - can I still get a PiggyBank loan?

It really does depend on the individual. We understand nobody’s perfect, so we don’t expect your credit history to be faultless. PiggyBank loans are made for people with different credit histories but the simple answer is; if you can’t afford a PiggyBank loan then we won’t let you take one out.

We believe that your current circumstances, income, expenses and credit commitments are more important than a late payment on a credit card three years ago! That’s why at PiggyBank, we do a full credit check but also assess your affordability.

That said, we’re responsible lenders so bear in mind, if you have had a CCJ in the past 12 months, are on a debt management plan or have been declared bankrupt in the past year, you will not be approved for a short term loan with PiggyBank.

Continuous Payment Authority

What is Continuous Payment Authority or CPA?

Continuous Payment Authority (CPA) authorises a business to withdraw money from a customer’s account without having to seek repeat authorisation. This is more fully explained in your Loan Agreement and in the Footer on the Home Page.

E-Mails

How do I unsubscribe from emails?

Most of the emails we send to you if you have a loan with us, are information that we need to send to you by law regarding your loan or payments. That’s why we don’t give you the option to unsubscribe from them.

Any emails that we send to customers who don’t have a loan or any marketing related emails, will have an unsubscribe link at the bottom.

Of course, if you’ve received an email from us that you’re not happy with, are receiving high volumes of emails from us or just have some feedback, we’d love you to get in touch.

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